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(2) Financial statements for Lottacash Inc Income Statement for 2015 Sales COGS Gross Profit Wage Exp. 4,000 Advertising ,000 Depreciation 2,000 Net Income $48,000 30,000
(2) Financial statements for Lottacash Inc Income Statement for 2015 Sales COGS Gross Profit Wage Exp. 4,000 Advertising ,000 Depreciation 2,000 Net Income $48,000 30,000 18,000 2,000 11,000 Balance Sheet 12/31/2015 12/31/2014 Accounts Receivable Deferred Revenue Inventory Accounts Payable Wages Payable Prepaid Advertising Accumulated Depreciation $5,000 3,000 11,000 4,000 900 1,200 3,000 $4,000 9,000 3,000 1,800 3,000 5,000 (a) Compute (separately) cash payments for wages and advertising (b) Compute CFO using the indirect methood
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